Cellebrite (CLBT) Cheers on 3rd Day After Swing to Profit
Cellebrite rallied for a third consecutive day on Thursday, jumping 9.29 percent to end at $15.29 apiece after swinging to profitability in the second quarter of the year.
In its updated report, Cellebrite DI Ltd. (NASDAQ:CLBT) climbed to a net income of $19.48 million from a $23.8 million net loss in the same period last year. Revenues increased by 18 percent to $113.28 million from $95.7 million.
In the first half, the company posted a net profit of $36.88 million, reversing a $95.18 million net loss in the same comparable period. Revenues were higher by 19 percent to $220.8 million versus $185.3 million year-on-year.
Copyright: aijohn784 / 123RF Stock Photo
Despite strong figures, Cellebrite DI Ltd. (NASDAQ:CLBT) lowered its outlook on key metrics for the full-year period, with revenues now pegged at $465 million to $475 million, versus the $470 million to $485 million targeted previously. The new outlook represents a 16 to 18 percent annual growth, versus the 17 to 21 percent expected prior.
For the third quarter alone, revenues were targeted at $121 million to $126 million, or a 13 to 18 percent growth year-on-year.
Following the performance, investment firm Needham lowered its price target for Cellebrite DI Ltd. (NASDAQ:CLBT) to $18 from $24 previously, but maintained a 'buy' recommendation on the stock.
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